Lincoln Financial Group 1/22/2024

AN-700 (03/21) 9 Alliance 2021 ARTICLE 5 – ANNUITY OPTIONS Section 5.01 You may establish an annuity benefit for any Annuitant from the options in Article 8. The Participant’s Account Balance needed to establish the annuity benefit will be withdrawn from the Contract Owner Account, as directed by You using the amount available for the Annuitant under the provision of section 4.01. The form of annuity or a Contingent Annuitant may not be changed subsequent to the issuance of a certificate. 5.02 Article 8 of this Contract shows the annuity purchase rates and the age adjustments which will be used to determine monthly annuity payment options. The tables show the dollar amount of the guaranteed monthly annuity payments which can be established with each $1,000 applied. 5.03 The frequency of the periodic payment will be determined such that each payment will not be less than $100. However, the Annuitant will receive at least one payment annually. 5.04 When You establish an annuity benefit for any Annuitant, We will issue to each Annuitant a certificate or supplemental contract which sets forth the amount and terms of the annuity benefit. 5.05 If we receive proof that a person receiving payments under this Contract is legally or mentally incompetent, the payments may be made to any person deemed a legal representative by a court of competent jurisdiction; as mandated by the court or required by regulation. 5.06 We will require satisfactory proof of each Annuitant’s age. If it is determined that an Annuitant’s age has been misstated, annuity payments will be adjusted. Any underpayments already made will be made up immediately and any overpayments already made will be charged against the annuity payments becoming due after the adjustment. 5.07 The Annuitant may name a Contingent Annuitant at the time the annuity is established. 5.08 When applicable and subject to the annuity payout option selected: 1. If the Annuitant dies and there is no named Contingent Annuitant living, the Annuitant’s estate will be paid the present value of any remaining guaranteed payments in one lump sum. 2. If the Annuitant dies and there is a named Contingent Annuitant living, any remaining guaranteed payments due will be distributed to the Contingent Annuitant. 3. If a named Contingent Annuitant is receiving guaranteed payments and dies, the present value of any remaining guaranteed payments will be paid in one lump sum to the Contingent Annuitant’s estate. Payments to the Contingent Annuitant will be made after the Contingent Annuitant has provided to Us (a) due proof of death of the Participant as the case may be, and (b) properly completed claim forms. Due proof of death will be either the certificate of death from the attending physician, a copy of the certified statement of death from the attending physician, a copy of a certified decree of a court of competent jurisdiction as to the finding of death, or any other proof satisfactory to Us. 5.09 We may, at any time, require proof th at any person who is entitled to receive annuity payments under this Contract is living when payment is contingent upon survival of such person.